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This Is the Message SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2019 Sit Developing Markets Growth Fund Name of Issuer Quantity Fair Value ($) Name of Issuer Quantity Fair Value ($) Common Stocks - 93.7% Samsung Electronics Co., Ltd. 12,250 481,863 Africa/Middle East - 11.4% Shinhan Financial Group Co., Ltd. 7,200 266,408 Israel - 3.5% 1,260,356 NICE Systems, Ltd., ADR * 3,000 367,530 Taiwan - 6.5% South Africa - 7.9% Cathay Financial Holding Co., Ltd. 82,085 119,716 Bid Corp., Ltd. 13,200 272,622 Hon Hai Precision Industry Co., Ltd., GDR 22,160 106,966 Bidvest Group, Ltd. 5,525 74,094 President Chain Store Corp. 12,000 118,168 MultiChoice Group, Ltd. * 1,425 11,921 Taiwan Semiconductor Co. 37,482 298,562 Naspers, Ltd. 1,425 329,086 Taiwan Semiconductor Co., ADR 600 24,576 Sasol, Ltd., ADR 4,200 129,948 667,988 817,671 Thailand - 1.4% Asia - 70.9% Bangkok Bank PCL 21,200 144,295 Australia - 1.4% Rio Tinto, PLC, ADR 2,475 145,654 Europe - 1.0% Luxembourg - 1.0% China/Hong Kong - 39.8% Globant SA * 1,400 99,960 AIA Group, Ltd. 21,400 213,047 Alibaba Group Holding, Ltd., ADR * 2,875 524,544 Latin America - 7.6% Baidu, Inc., ADR * 1,125 185,456 Brazil-2.4% China Construction Bank Corp. 359,000 307,782 Ambev SA, ADR 10,800 46,440 China Life Insurance Co., Ltd., ADR 8,900 119,438 Banco Bradesco SA 19,003 207,728 China Mengniu Dairy Co., Ltd. 48,000 178,549 254,168 China Petroleum & Chemical Corp., ADR 3,100 246,450 Chile - 3.7% China Tower Corp., Ltd. * 332,000 76,974 Banco Santander Chile, ADR 4,700 139,825 CNOOC, Ltd., ADR 300 55,728 Geopark, Ltd. * 14,100 243,789 CSPC Pharmaceutical Group, Ltd. 120,000 223,186 ENN Energy Holdings, Ltd. 21,900 211,748 383,614 Hong Kong Exchanges & Clearing, Ltd. 4,300 149,871 Peru - 1.5% JD.com, Inc., ADR * 4,450 134,168 Southern Copper Corp. 3,900 154,752 PetroChina Co., Ltd., ADR 700 45,801 North America - 2.8% Ping An Insurance Group Co. of China, Ltd. 19,900 222,831 Mexico - 0.5% Sinopharm Group Co., Ltd. 44,900 187,037 Fomento Economico Mexicano, ADR 525 48,447 TAL Education Group, ADR * 10,300 371,624 United States - 2.3% Tencent Holdings, Ltd. 11,400 524,258 Broadcom, Inc. 550 165,391 WH Group, Ltd. 132,500 141,784 Skyworks Solutions, Inc. 925 76,294 4,120,276 241,685 India - 3.0% Total Common Stocks HDFC Bank, Ltd., ADR 2,675 310,059 (cost: $7,245,970) 9,707,086 Indonesia - 2.6% Investment Companies - 3.8% Astra International Tbk PT 176,000 90,534 iShares MSCI India ETF 11,100 391,275 XL Axiata Tbk PT * 948,800 179,899 (cost: $334,045) 270,433 Japan - 1.4% Suzuki Motor Corp. 3,400 150,259 Singapore - 2.6% DBS Group Holdings, Ltd. 14,500 269,939 South Korea - 12.2% E-Mart Co., Inc. 1,200 181,834 LG Chem, Ltd. 450 145,097 Medy-Tox, Inc. 360 185,154 MARCH 31, 2019 1 SCHEDULE OF INVESTMENTS (Unaudited) March 31, 2019 Sit Developing Markets Growth Fund (Continued) Name of Issuer Quantity Fair Value ($) Short-Term Securities - 2.3% Fidelity Inst. Money Mkt. Gvt. Fund, 2.31% 234,041 234,041 (cost: $234,041) Total Investments in Securities - 99.8% (cost: $7,814,056) 10,332,402 Other Assets and Liabilities, net - 0.2% 21,175 Total Net Assets - 100.0% $10,353,577 * Non-income producing security. Numeric footnotes not disclosed are not applicable to this Schedule of Investments. ADR — American Depositary Receipt GDR — Global Depositary Receipt The Fund’s portfolio’s holdings are expressed as a percentage of net assets as of the date given, and may vary over time. They are pro- vided for informational purposes only and should not be deemed as a recommendation to buy or sell any securities. Carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. The prospectus contains this and other important Fund information and may be obtained by calling Sit Mutual Funds at 1-800-332-5580 or at www.sitfunds.com. Read the pro- spectus carefully before investing. Investment return and principal value of an investment will fluctuate so that an investor’s shares when redeemed may be worth more or less than their original cost. Investments in securities traded on national or international securities exchanges are valued at the last reported sales price prior to the time when assets are valued. Securities traded on the over-the-counter market are valued at the last reported sales price or if the last sales price is not available at the last reported bid price. The sale and bid prices or prices deemed best to reflect fair value quoted by dealers who make markets in these securities are obtained from independent pricing services. Debt securities maturing in more than 60 days are priced by an independent pricing service. The pricing service may use models that price securities based on current yields and relative security charac- teristics, such as coupon rate, maturity date, issuer credit quality, and prepayment speeds as applicable. When market quotations are not readily available, or when the Adviser becomes aware that a significant event impacting the value of a security or group of securities has occurred after the closing of the exchange on which the security or securities principally trade, but before the calculation of the daily net asset value, securities are valued at fair value as determined in good faith using procedures established by the Board of Directors. The pro- cedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to deter- mine the fair value of the security. Debt securities of sufficient credit quality maturing in less than 60 days when acquired, or which sub- sequently are within 60 days of maturity, are valued at amortized cost, which approximates fair value. Security transactions are accounted for on the date the securities are purchased or sold. Securities gains and losses are calculated on the identified-cost basis. Dividend income is recorded on the ex-dividend date or upon the receipt of ex-dividend notification in the case of certain foreign securities. Interest, including level-yield amortization of long-term bond premium and discount, is recorded on the accrual basis. 2.
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